World's 20 largest economies

The United States has a capitalist mixed economy with a well-developed infrastructure.

According to the International Monetary Fund, the US GDP constitutes 23 per cent of the gross world product at market exchange rates and over 20 per cent of the gross world product at purchasing power parity (PPP).

From 1947 to 2011 the United States' average quarterly GDP growth was 3.28 per cent reaching a high of 17.20 per cent in March 1950 and a low of -10.40 per cent in March 1958.

The US economy is facing a crisis again. The Federal Reserve has cut the country's economic growth forecast for the second time this year, reducing its estimate of 2011 gross domestic product growth to a range of 2.7- 2.9 per cent.

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Image: Members of a coalition called Stand up Chicago, dressed as Robin Hood, paddle kayaks down the Chicago River.Photographs: Frank Polich/Reuters.

World's 20 largest economies

Brazil has one of the world's fastest growing economies. The Brazilian economy is the world's seventh largest economy by nominal GDP and the eighth largest by purchasing power parity.

Brazil is also the largest national economy in Latin America, the world's seventh largest economy at market exchange rates and the eighth largest in purchasing power parity (PPP), according to the International Monetary Fund and the World Bank.

The Brazilian economy is set to become one of the five largest economies in the world.

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Image: Tourists stand on a walkway extending from the Brazilian bank of the Iguacu River to observe part of the Iguacu waterfalls.Photographs: Paulo Whitaker/Reuters.

World's 20 largest economies

Italy has been ranked the world's 23rd most-developed country and its quality-of-life has been ranked in the top ten in the world.

Italy enjoys a very high standard of living and has the world's eighth-largest nominal GDP, tenth highest GDP (PPP) and the sixth highest government budget in the world.

Italy's GDP rose 0.30 per cent in the second quarter of 2011. Italy's average quarterly GDP growth was 0.35 per cent from 1981 to 2011, hitting a high of 2.20 percent in December of 1983 and a record low of -3.00 per cent in March 2009.

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Image: People take pictures in front of the former church tower of the Village of Graun in South Tyrol.Photographs: Arnd Wiegmann/Reuters.